Overview of multiemployer relief in HEROES Act

In May, the House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act in response to the COVID-19 pandemic. The HEROES Act currently contains several items for both single employer and multiemployer defined benefit plans. The bill expands the ability of the Pension Benefit Guaranty Corporation (PBGC) to provide partition assistance to struggling multiemployer plans. Under the special partition relief, the PBGC would be able to assume a greater portion of the original plan’s liabilities in order to help it meet the funding goals described in the HEROES Act. In this Multiemployer Alert, Milliman’s Grant Camp and Aaron Shapiro discuss in more detail the multiemployer provisions in Part D of the Act.

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